Greek cement firm Heracles’ H1 profit drops

30 September 2005

Greek cement maker Heracles , majority owned by France’s Lafarge , reported on Thursday a 30.9 per cent drop in its first-half pretax profit to 28.4 million euros. "Favourable weather and demand conditions during the second quarter of 2005 mitigated the negative impact of the completion of the Olympic projects," the company said in a statement.

Group sales in the first half fell 3.7 per cent to Euro 286m. Export turnover increased 42 per cent during the first six months of the year, the company said, boosted by a higher export volume and a better market price. The company said profits were affected by the decline in sales in the local market as well as the increase in energy costs.
Published under Cement News